Company registration number 13851391 (England and Wales)
CYCLE Ø HOLDINGS LIMITED
Unaudited financial statements
For the period ended 31 December 2022
Pages for filing with registrar
CYCLE Ø HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
CYCLE Ø HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2022
31 December 2022
- 1 -
2022
Notes
£
£
Non-current assets
Investments
3
21,618,263
Current assets
Trade and other receivables
4
895,724
Current liabilities
5
(1,999)
Net current assets
893,725
Net assets
22,511,988
Equity
Called up share capital
2,157,520
Share premium account
19,499,018
Retained earnings
855,450
Total equity
22,511,988

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
20 February 2024
20 February 2024
and are signed on its behalf by:
L E Molke
Director
Company registration number 13851391 (England and Wales)
CYCLE Ø HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 December 2022
- 2 -
1
Accounting policies
Company information

Cycle Ø Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thomas House, 84 Eccleston Square, London, SW1V 1PX.

1.1
Reporting period

The company was incorporated on 17 January 2022 and the financial statements have been prepared for the period 17 January 2022 to 31 December 2022. Hence, the financial statements include 11 and a half months of activity. There are no comparatives as this is the first accounting period of the company.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CYCLE Ø HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 December 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (including directors) employed by the company during the period was 0.

3
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
21,618,263
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
Additions
27,660,945
Disposals
(6,042,682)
At 31 December 2022
21,618,263
Carrying amount
At 31 December 2022
21,618,263
CYCLE Ø HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 December 2022
- 4 -
4
Trade and other receivables
2022
Amounts falling due within one year:
£
Amounts owed by group undertakings
895,724
5
Current liabilities
2022
£
Other payables
1,999
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